Unfortunately, Winters can’t just sell up. Today’s remuneration report from Standard Chartered reveals that the stock vests equally in three tranches – in September 2017, 2018 and 2019.

Nor will Winters receive a cash bonus for his efforts so far. He will, however, be awarded some new shares as part of a Long Term Incentive Plan (LTIP) in May 2016, which will be subject to a one year holding period.

In the interest of maximizing his own compensation, therefore Winters needs to keep Standard Chartered’s share price low until this LTIP’s been awarded in May and then go all out to increase it before his first tranche of stock vests 16 months later. Winters needs to be canny: Standard Chartered says the next round of LTIPs, issued in March 2017 ‘will vest in five equal tranches from March 2020 to March 2024.’

In the interim, Winters will need to live on his salary, allowance and cash bonus (if paid), plus the $327k a year he’s still drawing as a non-executive director of pharmaceutical company Novartis.

Did Mike Rees just earn $21m?

Not everyone at Standard Chartered is having to be quite so calculating about pay. Today’s report also reveals that an unnamed employee at Standard Chartered received $21m for his/her efforts last year. Who could that be? All eyes turn to Mike Rees, Standard Chartered’s deputy chief executive and head of its wholesale bank, who’s known for his gigantic pay packets.

Winters, in the meantime, will need to hang on until 2024 to get all his (much lower) compensation for 2016. If ever there were an illustration of the diminished lucrativeness of a senior banking job, this would seem to be it.